SHIB Outflows Reach 110 Billion Amid Broader Crypto Weakness

Shiba Inu (SHIB) continues to struggle amidst broader weakness in the crypto market, with its price dropping to $0.000004360 over the past 24 hours and extending its decline to 2.3%.

This has put SHIB's position among the largest cryptos at risk, with a market cap of $2.57 billion currently ranking it as the 30th-largest crypto asset.

However, recent exchange data offers a potentially encouraging signal for holders. According to CryptoQuant data, the seven-day moving average of mean SHIB exchange inflows has declined 11.05% to 1.22 billion tokens, while the seven-day moving average of mean exchange outflows has surged 195.56% to 920.34 million SHIB.

This shift suggests that exchange activity is increasingly favoring withdrawals, with large holders moving 7.57 billion SHIB away from exchanges compared to about 5.97 billion SHIB in inflows.